Australian Salary Guide & Market Report Australia s Favourite Specialist Recruiter 2011/ Medium. Sydney Melbourne Brisbane

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1 Australian Salary Guide & Market Report Sydney Melbourne Brisbane Australia s Favourite Specialist Recruiter 2011/ Medium SARA Awards

2 Contents Contents (For ease of navigation, please click on the sub-headings below) Executive Summary... 3 Market Report Demographics... Market Conditions... Length of Tenure... Career Motivations... Your Manager... Salary... Bonus... Benefits... Counter Offers... Job Seeking Behaviour Salary Tables Accounting... Financial Services... Commerce & Industry... Chartered Insurance... Banking & Financial Services... Funds Management... Risk & Compliance... Banking... Wealth Management... Business Banking... Asset Finance About Marks Sattin... Contacts Click on the home icon to return to the contents page 2 3

3 Executive Summary Welcome to the Marks Sattin 2012/13 Australian Salary Guide and Market Report. The past year has proven to be a challenging time in the business world, and this has translated into mixed results with salaries. There is continued high demand for certain skill sets with the war Scott Stacey for talent very visible in markets such as Managing Director taxation, financial planning and workers scott.stacey@markssattin.com compensation. Despite this demand, salaries in these areas have not moved significantly if at all. Many organisations have not changed their remuneration models, which has led to high levels of candidate mobility in some of these areas as candidates chase down better deals. Conversely, a number of our markets remain lethargic with little movement in some job families. Salaries have remained flat, and for many people, this is the second or third year of little or no increase in salary. Candidates expectations are high that the remainder of 2012 will show improvement in overall salary packages and they expect at least a 10% pay increase to move roles with almost a third of banking candidates looking for more than 20%. Bonuses remain an important aspect of many people s total salary package, yet 37% of candidates who received a bonus in 2012 were dissatisfied with the amount. With 89% of candidates already keeping an eye on the market, this year could prove interesting if nothing changes regarding salaries and bonuses, candidates will become increasingly frustrated and we may ultimately see a flurry of candidate movement. Retention will again be a key strategic imperative and smart organisations need to think about their employee engagement strategies now. One key aspect affecting this however is the global economy and whether candidates are prepared to take the risk of changing jobs until the market stabilises. We believe that many people have not moved only because the market has been somewhat flat ie, people are watching and waiting. Clients, too, are watching and waiting, reluctant to hire, resulting in overworked staff. Our 2012 Salary Guide and Market Report is based on a detailed survey of over 1500 Marks Sattin candidates, as well as insights from our team of specialist consultants. We would be happy to discuss any of our findings in more detail and can provide market specific findings if required. Executive Summary Scott Stacey Managing Director, Marks Sattin 3

4 Demographics What gender are you? Total Respondents 1589 Female 42% Male 58% Demographics Slightly more males answered the survey than females, however both sides were well represented. What age bracket are you? Gen Y (18-29) 26% Gen X (30-49) 59% Over 65 1% The majority of respondents were aged between There were slightly more respondents aged under 29 last year. Baby Boomer (50-65) 14% Where are you located? State NSW 46% 93% of respondents lived on the Eastern Seaboard. VIC QLD Other 7% 14% 33% Which industry do you currently work in? Insurance 15% Banking 18% Professional Services/ Public Practice 26% Commerce & Industry/ Govt/Charity/Not for Profit 41% Overall, how long have you been in the finance/accounting profession? < 1yr 1-3 yrs 4-6 yrs 4% 10% 20% 52% of respondents have been in the profession for between 4-15 years yrs yrs > 16 yrs 32% 16% 18% 4

5 Market Conditions How would you rate your current job security? Very Secure 19% 23% Market Conditions Secure 57% 57% Insecure 19% 17% Very Insecure 5% 3% How do you feel about the future of the ecomony over the next 12 months compared to the last year? Optimistic 29% Neutral 42% Pessimistic 29% Almost a quarter (24%) of respondents feel insecure about their jobs, compared to a fifth (20%) in The uncertainty regarding the Euro Zone crisis in the past 6 months has clearly had an effect on job confidence. This is again echoed in the second graph above which shows an equal proportion of respondents feeling pessimistic and optimistic about the future of the economy. The majority appear unsure and are adopting a wait and see approach. This is reflective in the recruiting cycle also, where many clients and candidates are treading tentatively and not wanting to make a move just yet. In particular those, respondents working in the Banking industry were the least optimistic with less than a quarter feeling positive about the ecomony over the next 12 months. Most optimistic were those working in the Commerce and Government sectors. 5

6 Market Conditions How has the number of staff in your team changed over the past 12 months? Decreased Unchanged Increased Not sure Market Conditions The last 12 months showed more volatility depending on the industry the respondent worked in. 35% of respondents who worked in Banking reported a reduction in team numbers, compared to only 24% for Commerce and Government. For 2012 respondents are predicting more stability with staff numbers remaining the same. Past 12 months Next 12 months (expected) 28% 22% 35% 43% 29% 23% 8% 12% Are you worried/concerned your role may be outsourced overseas in the next 12 months? Yes 11% Haven t really thought about it 9% Only 11% of respondents are concerned their role may be outsourced, however when segmented by industry, there is a significant increase in the Banking sector with 1 in 5 candidates concerned (20%). No 80% Which of the following best describes your current job seeking behaviour? Despite uncertain market conditions, 47% are actively looking for a job and a further 42% are keeping an eye on the market. This would suggest that a lot of candidate movement is possible if the market improves and candidates perceive it to be more stable and a move less risky. Career development remains the key driver for change for more than 1 in 5 finance professionals. Candidates are more aware of ensuring they remain marketable through career development and skills enhancement and therefore are less likely to move for salary alone. 89% Why? Actively looking 47% Not actively looking but keeping an eye on the market 42% (Not looking 11%) Career development 22% Higher salary 16% New challenge/more interesting role 14% 6

7 Length of Tenure How long have you been in your current role? Length of Tenure < 1yr 49% 41% 1-2 yrs 3-4 yrs 14% 27% 26% 20% 5-6 yrs 5% 8% 7-10 yrs 3% 3% > 10 yrs 2% 2% How long do you typically stay in a role? < 1yr 1-2 yrs 1% 22% 3-5 yrs 61% 6-8 yrs 10% > 8 yrs 6% What do you think is an appropriate length of time to stay in a role? < 1yr 1-2 yrs 3-5 yrs 1% 16% 68% 6-8 yrs 7% > 8 yrs 8% Still showing significant churn almost half of all respondents have only been in their current role for less than one year. When looking at respondents working in perm alone, the figure remains high at 42%. Despite this, 7 in 10 believe that the appropriate time to stay in a role is 3-5 years, further illustrating the temperamental state of the market over the past few years, which has resulted in an unstable job market. When comparing results by age, one quarter aged under 29 believed that 1 to 2 years was the ideal length of time to stay in a role; this compared to only 4% aged 50 and over. Comparatively, but unsurprisingly, 1 in 3 of those in the older age group believed that 6+ years was the ideal length of time to stay in a role. 7

8 Career Motivations Please identify the closest reason why you left your last position? (illustrated by industry) Career Development (CD) Redundancy (R) Higher Salary (HS) New challenge (NC) End of contract (EC) Career Motivations Top 3 reasons Banking CD R HS Insurance CD R NC Professional Services CD NC HS Commerce CD EC R How happy are you in your current role? Very happy Fairly happy 14% 43% Neutral 28% Fairly unhappy 12% Very unhappy 3% Would you recommend your current employer to a friend? Yes: 70% No: 30% Why do candidates leave their jobs? The number one reason is career development which raises the question of whether companies are providing adequate succession planning for their staff. The instability of the economy is still evident with redundancy still a top 3 reason for candidates changing their last job in the Banking, Insurance and Commerce industries. Over half of respondents are happy in their current role (57%), this is a slight increase on last year (55%), however a significant 30% would not recommend their current employer to a friend. 8

9 Your Manager What is the most important attribute in a manager? Easy to deal with Good mentor 26% 28% Your Manager Supportive 15% What is the least important attribute in a manager? Fairness Accessible/available 2% 5% Praises regularly 1% What annoys you most about your manager? 1 No interest in me or my career 15% 2 Unrealistic expectations 14% 3 Don t treat everyone as equals 14% 4 5 Micro manages 13% Incompetency 12% Finance professionals prefer managers who are easy to deal with and are good mentors. Surprisingly the least important attributes they look for from a manager were regular praise and accessibility. The biggest gripe with managers is those who show no interest in their staff or their staff s career. Given the evidence that employees leave roles for career progression, this presents a real opportunity for managers to use this knowledge to retain key staff. 9

10 Salary Salary If you were considering a new role (externally), what would you perceive to be an acceptable increase in base salary? There is a slight increase in salary expectations in 2012 compared to last year. Within the banking industry in particular, salary expectations are highest with 29% wanting to increase their earnings by more than one fifth just for changing jobs. Comparatively those working in the commerce industry had the lowest expectations. % Salary increase % 11-20% > 21% 22% 19% 27% 28% 51% 53% Finance professionals aged over 50 also expected to gain the most by moving jobs with the majority wanting a salary increase of 16% or more. By Industry % Salary increase 0-10% 11-20% > 21% Banking 20% 29% 51% % Salary increase 0-10% 11-20% > 21% Insurance 22% 25% 53% % Salary increase % Salary increase 0-10% 11-20% > 21% 0-10% 11-20% > 21% Professional Services/Public Practice 26% 49% 25% Commerce 30% 50% 20% 10

11 Bonus Bonus Did you receive a bonus for the last year? 2011/ /11 Yes 35% 43% No, not awarded 20% 19% No, not entitled 38% 45% As a percentage of your base salary, what level was your bonus? / / /13 (expected) Response % Bonus level % How would you assess your level of satisfaction Highly satisfied 10% with your bonus? Satisfied 53% Dissatisfied 31% Highly dissatisfied 6% Bonus levels have remained flat over the past 2 years and in some cases shown a decrease in value, however there are expectations that the market will improve for next year s bonus. The majority of those who receive a bonus get less than 10% of their salary, however a staggering 1 in 5 males receive over 20% of their salary compared to only 1 in 10 females. Although 63% were satisfied with their bonus, almost 40% were not, however were their expectations realistic? Given the economic volatility of world markets in the latter half of 2011, it is unsurprising that companies were treading carefully with bonus payments in the early part of

12 Benefits Benefits Which of the following benefits are included in your current package? Annual bonus scheme Salary sacrifice options 32% 42% Over 20 days holiday 30% Training 26% Flexible working (homeworking/flexitime) 25% Mobile phone 24% Paid study leave 21% Free company parking 20% Insurance (death in service/life insurance) 17% Nil benefits 13% Additional (ie over 9%) superannuation contribution Share incentive/option scheme Flexible benefits (choosing from a range of options) Extended maternity/paternity leave Gym membership Healthcare Car or car allowance Travel allowance 12% 11% 10% 9% 9% 8% 8% 6% Top 5 most important employee benefits (by age). Rank Gen Y Gen X Baby Boomer All 1 2 Training Training Annual bonus scheme Training Annual bonus scheme Annual bonus scheme Training Annual bonus scheme 3 Paid study leave Flexible working Additional ie over 9% super contribution 4 Flexible working Flexible working Over 20 days holiday Salary sacrifice options Paid study leave 5 Over 20 days holiday Paid study leave Insurance (death in service/life insurance) Over 20 days holiday Training is considered the most important benefit by respondents, however only 26% receive it (shown in grey above). Given that the main reason people leave their job is for career development, employers may want to consider training as a key retention strategy. Flexible working again features in the top five. When looking at the most important benefits by age group, Gen X and Gen Y are remarkably similar, just reordered. However, with retirement encroaching, the baby boomers (those over 50 years) value a much different set of benefits with insurance, additional super and salary sacrifice options appearing in the top 5. 12

13 Counter Offers Have you received a counter offer in the past 12 months? No: 74% Yes: 26% Counter Offers If yes, how much were you offered to stay in your role? % Response % % 12% 6% 1% 3% Salary increase % Did it make you stay? Counter offers are still being widely used to retain staff after the horse has bolted. Of the 26% who received one, half were offered less than 10% of their current salary. However, over half of those accepted the offer and remained with the company. In particular, males were more likely to accept the offer and stay (57%) compared to females (45%). Yes: 52% No: 48% 13

14 Job Seeking Behaviour How long did it take for you to find your current position? Up to 1 month 42% 46% Job Seeking Behaviour 1-3 months 35% 36% 4-6 months 15% 11% 7-9 months 3% 3% months 2% 1% 1-2 years 2% 2% Over 2 years 1% 1% When searching the internet for personal use, including looking for a new job, how often do you use a handheld device (ie. iphone, Blackberry)? Always Often Sometimes 9% 12% 16% 17% 21% 24% Rarely 18% 18% Never 17% 17% 26% Don t have a hand-held device 8% 14% Whilst for the majority, it is still taking less than one month to find a role, the number of respondents who took over 4 months has increased to 23%. Clients must look at their time to hire and internal recruitment processes. We have noticed a trend particularly on the permanent side, that clients are taking longer and longer to make a decision on candidates. This is not only having a negative impact with clients missing out on quality candidates that go to a competitor, but is also having an impact on that company s brand. Job seeking behaviour is changing at a phenomenal pace due to advances in technology. Over one third now search the internet using hand-held devices, a trend which has increased over 30% year on year. Companies who have a mobile friendly version of their websites stand to gain a competitive advantage. 14

15 Job Seeking Behaviour Which sources do you use when seeking a new role? Seek remains the number one source of jobs for candidates, however professional networking sites such as LinkedIn have seen a huge leap from 20% last year to 30%. Recruitment consultancies/ headhunters Word of mouth/personal referrals/ internal contact Seek 94% CareerOne 39% MyCareer 38% 35% 48% Job Seeking Behaviour Professional networking sites eg. LinkedIn, LinkMe 30% efinancial 13% The Sydney Morning Herald 8% The Australian Financial Review 8% Social networking sites eg. Facebook, Twitter Courier Mail 3% The Australian 3% Trade Press (Finance magazines & news sites) The Age 6% 5% 3% Newspapers Job-boards Online forums Recruitment consultancies/ headhunters Word of mouth/personal referrals/ internal contact 15

16 Australian Salary Guide Salary Tables Sydney Melbourne Brisbane Accounting... Financial Services... Commerce & Industry... Chartered Insurance... Banking & Financial Services... Funds Management... Risk & Compliance... Banking... Wealth Management... Business Banking... Asset Finance About Marks Sattin... Contacts All salaries are displayed as pay rates and are inclusive of superannuation. 16

17 Accounting Accounting Renae Grasso Director Marcus Gyles Director marcus.gyles@markssattin.com In 2011 the market was buoyant for roles up to $120k. There was significant movement at the junior end and, in some areas, growth at the $80k level. For the first time since 2009, we saw good demand for first time movers out of the Chartered Profession into Industry. This had a knock-on effect in the Profession with clients looking to back-fill roles across Business Services and Audit. Due to an increase in market confidence, candidates at the $80-100k level were changing jobs with many heading off to the UK to fulfill their working holiday ambitions. However, the beginning of 2012 has seen jobs at this level come to a grinding halt with organisations not replacing those number cruncher doers and the rest of the finance teams being overwhelmed with more work. Candidates were looking to settle into the first few months of the year however the feedback we are receiving is that they feel overworked and are starting to look again. It appears that companies have used the uncertainty in the market to streamline their finance teams making inefficient staff members redundant, but have also been reluctant to hire, resulting in those remaining being over stretched. The market at the mid level range ($ k) is quiet, and when roles do arise, clients are taking a long time to complete their recruitment processes which is disengaging candidates. Sought-after candidates that come onto the market are taking approximately 4-5 months to find the right opportunity. The power has swung back to the client with one commenting 2 years ago we would have 10 criteria for the ideal candidate going into a recruitment process hoping to get 4 or 5; now due to the quantity and quality of candidates available we are looking for 9 out of 10. The senior end of the market has barely had any movement. It was anticipated that the $200k+ market would gain momentum from August 2011 after financial year end was completed. However, this did not occur and has remained stagnant the few roles that have been recruited are highly competitive and senior candidates are really focusing on differentiating themselves from other candidates in the market. The cycle is taking approximately 6-9 months for candidates at this level to find the right position. We have seen an increase in the volume of tax roles, due to a growing belief that technical advice is beneficial to the bottom line. We ve also seen an increase in commercially oriented jobs. All new roles are now required to add value meaning an increase in analyst roles partnering non-finance areas. In the profession, salaries have remained stagnant. The top firms have been hesitant to hire, but the smaller and boutique practices are hiring and securing good talent. Boutique firms are keen to hire Partners, or Partners elect with fees to grow practice revenues. We are seeing continued demand for Forensic Accountants, IT Forensics and Data Analytics. Overall recruitment processes have become more drawn out and are taking longer. We remain optimistic that over the coming months, markets will stabilise to realistic confidence levels, resulting in improved hiring conditions and creating slight upward salary spirals. Renae Grasso Director, Marks Sattin Marcus Gyles Director, Marks Sattin 17

18 Accounting Financial Services Financial/Management Accounting SYDNEY MELBOURNE BRISBANE Assistant Accountant $55-65K $55-65K $55-70K Accountant (up to 3 years experience) $70-80K $70-80K $65-95K Senior Accountant (3-5 years experience) $80-100K $80-100K $87-110K Finance Manager (5-7 years experience) $ K $ K $98-145K Accounting Financial Services Senior Finance Manager (8-10 years experience) $ K $ K $130K + Financial Planning & Analysis SYDNEY MELBOURNE BRISBANE Analyst (up to 3 years experience) $70-80K $65-75K $55-70K Senior Analyst (3-5 years experience) $90-110K $80-100K $65-95K Manager (5-7 years experience) $ K $ K $87-110K Senior Manager (7-10 years experience) $ K $ K $98-145K Head of FP&A (10 years+ experience) $ K $ K $130K + Product Control SYDNEY MELBOURNE BRISBANE Product Accountant (part qualified) $65-75K $65-75K $55-70K Product Accountant (newly qualified) $75-90K $75-90K $65-95K Senior Product Controller $90-120K $90-120K $87-110K Product Control Manager (small team) $ K $ K $98-145K Product Control Manager (large team) $ K $ K $130K + Fund Accounting SYDNEY MELBOURNE BRISBANE Trust Accountant (newly qualified) $70-80K $60-70K $55-70K Senior Trust Accountant (3-5 years experience) $80-90K $75-90K $65-95K Manager (5-7 years experience) $ K $90-110K $87-110K Senior Manager (7-10 years experience) $ K $ K $98-145K Head of Trust Accounting (10 years+ experience) $ K $ K $130K

19 Accounting Financial Services Executive Level SYDNEY MELBOURNE BRISBANE Financial Controller (small company, niche role) $ K $ K $110k-145K Financial Controller (large company, divisional role) $ K $ K $110K-145K Group Financial Controller $ K $ K $ K FD/CFO/Head of Finance (small company, niche role) $ K $ K $170K + Accounting Financial Services FD/CFO/Head of Finance (large company, divisional role) $ K+ $ K + $195K + Internal Audit SYDNEY MELBOURNE BRISBANE Newly Qualified Auditor $80-90K $70-80K $55-70K Senior Auditor (3-5 years experience) $90-110K $80-100K $65-95K Manager (5-7 years experience) $ K $ K $85-110K Senior Manager (7-10 years experience) $ K $ K $95-145K Head of Audit (10 years+ experience) $ K + $150K + $130K + Tax SYDNEY MELBOURNE BRISBANE Tax Accountant (up to 3 years experience) $70-80K $70-80K $70-80K Senior Tax Accountant (3-5 years experience) $80-100K $80-100K $80-100K Tax Manager (5-8 years experience) $ K $ K $ K Head of Tax (8-10 years+ experience) $ K + $ K + $ K + 19

20 Accounting Commerce & Industry Financial/Management Accounting SYDNEY MELBOURNE BRISBANE Assistant Accountant $55-65K $55-65K $55-70K Accountant (up to 3 years experience) $70-80K $65-75K $70-95K Senior Accountant (3-5 years experience) $80-100K $75-100K $85-110K Finance Manager (5-7 years experience) $ K $ K $95-145K Senior Finance Manager (8-10 years experience) $ K $ K $110K + Accounting Commerce & Industry Financial Planning & Analysis SYDNEY MELBOURNE BRISBANE Analyst (up to 3 years experience) $70-80K $70-80K $55-90K Senior Analyst (3-5 years experience) $90-110K $80-100K $80-110K Manager (5-7 years experience) $ K $80-120K $ K Senior Manager (7-10 years experience) $ K $ K $ K Head of FP&A (10 years+ experience) $ K $ K $175K + Treasury Accounting SYDNEY MELBOURNE BRISBANE Accountant (up to 3 years experience) $60-80K $55-75K $55-90K Senior Accountant (3-5 years experience) $80-100K $70-95K $80-110K Manager (5-7 years experience) $ K $ K $ K Systems Accounting SYDNEY MELBOURNE BRISBANE Accountant (up to 3 years experience) $60-70K $60-70K $55-90K Senior Accountant (3-5 years experience) $80-120K $80-100K $80-110K Manager (5-7 years experience) $140K + $110K + $ K Executive Level SYDNEY MELBOURNE BRISBANE Financial Controller (small company, niche role) $ K $ K $110K-145K Financial Controller (large company, divisional role) $ K $ K $110K-145K Group Financial Controller $ K $ K $ K FD/CFO/Head of Finance (small company, niche role) $ K $ K $175K + FD/CFO/Head of Finance (large company, divisional role) $ K + $ K + $195K

21 Accounting Commerce & Industry Internal Audit SYDNEY MELBOURNE BRISBANE Newly Qualified Auditor $75-85K $70-80K $55-70K Senior Auditor (3-5 years experience) $90-110K $80-100K $65-95K Manager (5-7 years experience) $ K $ K $85-110K Senior Manager (7-10 years experience) $ K $ K $95-145K Head of Audit (10 years+ experience) $ K + $150K + $130K + Accounting Commerce & Industry Tax SYDNEY MELBOURNE BRISBANE Tax Accountant (1-3 years experience) $60-80K $60-70K $60-70K Senior Tax Accountant (3-5 years experience) $80-100K $80-100K $80-100K Tax Manager (5-8 years experience) $ K $ K $ K Head of Tax (8-10 years+ experience) $ K + $160K + $160K + 21

22 Accounting Chartered Tax SYDNEY MELBOURNE BRISBANE Intermediate $50-60K $50-60K $55-65K Senior - part qualified $60-70K $60-70K $65-75K Accounting Chartered Senior - qualified $75-85K $75-85K $70-80K Supervisor/Assistant Manager $85-100K $75-90K $80-90K Manager $ K $ K $90-100K Senior Manager $ K $ K $95-115K Associate Director $ K $ K $115K + Director $ K $ K $140K + Audit SYDNEY MELBOURNE BRISBANE Intermediate $50-60K $50-60K $50-60K Senior - part qualified $60-70K $60-70K $60-70K Senior - qualified $75-85K $75-85K $65-75K Supervisor/Assistant Manager $85-100K $75-90K $75-85K Manager $ K $ K $85-95K Senior Manager $ K $ K $90-110K Associate Director $ K $ K $110K + Director $ K $ K $140K + Business Services SYDNEY MELBOURNE BRISBANE Intermediate $50-60K $50-60K $50-60K Senior - part qualified $60-70K $60-70K $60-70K Senior - qualified $75-85K $75-85K $65-75K Supervisor/Assistant Manager $85-100K $75-90K $75-85K Manager $ K $ K $85-95K Senior Manager $ K $ K $90-110K Associate Director $ K $ K $110K + Director $ K $ K $140K

23 Accounting Chartered Corporate Finance SYDNEY MELBOURNE BRISBANE Analyst (2-3 years experience) $60-70K $60-70K $60-70K Senior Analyst (3-4 years experience) $75-85K $75-85K $65-75K Accounting Chartered Associate/Junior Manager (5-6 years experience) $85-100K $85-100K $75-85K Manager $ K $ K $85-95K Senior Manager $ K $ K $90-110K Associate Director $ K $ K $110K + Director $ K $ K $140K + Corporate Recovery/Insolvency SYDNEY MELBOURNE BRISBANE Analyst (2-3 years experience) $60-70K $60-70K $60-70K Senior Analyst (3-4 years experience) $75-85K $75-85K $65-75K Associate/Junior Manager (5-6 years experience) $85-100K $85-100K $75-85K Manager $ K $ K $85-95K Senior Manager $ K $ K $90-110K Associate Director $ K $ K $110K + Director $ K $ K $140K + 23

24 Insurance Insurance Graeme Bradley Director The insurance market, Australia wide, has experienced little downturn over the last 12 months and in fact, some areas have experienced growth in annual remuneration packages to candidates. Internal business seems to be incredibly busy for insurance based firms however, it appears a lot of work is being absorbed into the business where possible. There has been a noticeable slow down within claims due to the events of 2011 having been mainly resolved and many general insurers have been steadily decreasing the size of their claims teams saw a salary spike due to the industry having a high demand for claims officers, however we are now seeing numerous highly experienced claims officers back on the market. Subsequently competition for jobs has increased resulting in salary levels either remaining static or even slightly decreasing. With uncertainty in the local market, broking candidates don t seem to be moving, yet interestingly we are not seeing salary based competition to attract the best talent. Most movement within the broking space is based around company brand presence, job autonomy, broad responsibility and location. Regardless, talented broking candidates are proving difficult to lure away from their current employers. There is currently a shortage of midmanagement professionals in Insurance, a result mainly of the downturn in Candidates taking these posts appear to be slightly under-qualified requiring training and development to ensure their success. Businesses seem focused on succession planning and developing graduate programs to encourage new blood to the industry, in order to ensure this gap is bridged moving forward. Due to the reluctance and risk nature of insurance candidates, there remains a shortage of technically focused candidates in areas such as underwriting and product development. Companies remain focused on hiring talent that can add value immediately and require minimal training by peers who are already stretched in their current capacities. Proposed regulatory changes by APRA surrounding capital management and adequacy measures, will mean Australia will soon be following in the footsteps of Europe s Solvency II directive Basel III, both of which will see an increase in demand for skilled compliance and governance professionals. Moving forward it looks likely that insurance firms will continue their conservative growth patterns, with much headcount coming from replacement activity and slight growth across specialist areas. Graeme Bradley Director, Marks Sattin 24

25 Insurance insurance Workers Compensation SYDNEY MELBOURNE BRISBANE Assistant Case Manager $45-$55K $45-55K $45-55K Underwriter $45-$60K $45-60K $50-65K Claims Processor $40-$50K $40-50K $40-50K Case Manager $55-$65K $55-70K $55-65K Senior Case Manager $65-$80K $65-80K $65-80K Injury Management Advisor $65-$85K $70-85K $65-85K Rehabilitation Consultant $60-$80K $60-80K $60-80K Team Leader $75-$90K $75-90K $75-90K Disputes Resolution Officer $75-$85K $80-90K $75-85K Technical Manager $75-$85K $80-90K $75-85K Manager $90K + $90K + $90K Underwriting SYDNEY MELBOURNE BRISBANE Assistant Underwriter $45-55K $45-55K $45-50K Domestic Underwriter $55-75K $55-75K $55-65K Commercial Underwriter $70-100K $70-100K $60-80K Corporate Underwriter $65-110K $80-120K $70-90K Business Development Underwriter $70-110K $80-120K $70-100K Senior Underwriter Manager $ K $ K + $ K Manager $100K + $ K + $100K + Product Specialist $80-130K $80-130K $80-130K Claims SYDNEY MELBOURNE BRISBANE Claims Assistant $35-45K $35-45K $40-50K Domestic Claims $50-65K $50-65K $40-50K Commercial Claims $50-70K $50-65K $45-60K Corporate Claims $50-80K $50-75K $50-75K Technical Claims Officer $60-75K $60-75K $60-75K Team Leader $70-90K $70-90K $65-90K Manager $100K + $90K + $90-100K

26 Insurance Insurance Broking SYDNEY MELBOURNE BRISBANE Broking Support $40-50K $40-50K $40-50K Assistant Account Executive $45-55K $45-65K $45-55K Account Executive/Broker $55-80K $65-80K $55-80K Senior Account Executive $70-120K $80-120K $70-120K Business Development Manager $80-120K $90-120K $80-110K Account Manager $80-120K $ K $80-120K Divisional Manager/Principal $130K + $120K + $120K + Life Insurance SYDNEY MELBOURNE BRISBANE Claims Co-ordinator $45-55K $45-55K $45-55K Claims Assessor (Retail) $65-85K $70-90K $65-85K Claims Assessor (Group) $65-85K $70-90K $65-85K Senior Claims Assessor $75-100K $90-110K $75-100K Team Leader $85-130K $90-110K $85-130K Manager $100K + $ K $100K + Life Underwriting SYDNEY MELBOURNE BRISBANE Underwriting Administrator $45-55K $45-55K $45-55K Group Risk Administrator $55-65K $45-55K $55-65K Underwriter $75-95K $70-90K $70-90K Analyst $60-90K $60-90K $55-90K Product Specialist $70-110K $90-120K $70-110K Senior Underwriter $90-120K $90-120K $90-120K Chief Underwriter $ K $ K $ K Manager $130K + $130K + $130K + 26

27 Banking & Financial Services The last 12 months has proven to be an interesting time in the recruitment of banking professionals, with little scope for growth particularly outside of front office functions. Firms are currently recruiting replacement business critical roles, unless these roles can be absorbed into the business. On the candidate side, there are Allira Salem Director - Financial Services regional shortages within Private Wealth and Business Banking, with established allira.salem@markssattin.com players reluctant to move domestic experience is paramount, with few willing to be flexible on those without current market knowledge and clients. Cost initiatives for banking players are still prevalent, with highly publicised offshoring events occurring particularly within the Big 4 banks back office functions to lower cost centres such as Bangalore or Mumbai. Growth within banking is coming from front office or sales related positions, project work, or roles required by government bodies. Current compliance initiatives such as Dodd Frank and FOFA require large cost outlays in order to develop and administer on behalf of an organisation. There has been little change in salaries since this time last year, with many remaining stagnant, if not taking a slight drop. More often than not, candidates are willing to be flexible as the candidate pool remains buoyant, with many expats returning to Australia and others looking for more permanent opportunities away from contract work. Recruitment cycles continue to be a long process, with clients feeling that if they miss out on one candidate they may well find another. Clients need to be aware of the impact of increased recruitment cycles and interviewing numerous candidates, and the image that this portrays to the market. Inevitably the market will change at some point, and clients need to ensure that this process is managed as effectively as possible. The outlook remains incredibly mixed in the banking markets in Australia. Despite having one of the strongest banking systems in the world, global concerns will continue to inhibit growth in our region. This does not mean that there aren t still good opportunities, and we remain cautiously optimistic about the future. Allira Salem Director, Marks Sattin Banking & Financial Services 27

28 Banking & Financial Services Funds Management Funds Accountancy SYDNEY MELBOURNE 1-3 years experience $60-65K $55-60K 3-5 years experience $65-75K $60-65K Team Leader $70-85K $70-85K Manager $80-110K $80-120K Senior Manager $ K $ K Compliance & Performance SYDNEY MELBOURNE 1-3 years experience $60-75K $55-70K 3-5 years experience $70-90K $70-90K Banking & Financial Services Funds Management Team Leader $85-110K $85-110K Manager $ K $ K Senior Manager $ K $ K Technical SYDNEY MELBOURNE Business Analyst $75-95K $75-90K Senior Business Analyst $90-110K $90-110K Product Manager $90-120K $90-120K Compliance $ K $ K Technical Manager $ K $ K Fund Administration SYDNEY MELBOURNE Superannuation Administration $40-65K $55-65K Pensions Administration $45-65K $55-65K Defined Benefit Administration $50-65K $60-70K Senior Superannuation Administration $55-70K $70-100K SMSF Specialist $55-70K $60-75K Team Leader $60-75K $75-95K Manager $80K + $90-130K 28

29 Banking & Financial Services Funds Management Client Services SYDNEY MELBOURNE Client/Advisor Services $45-55K $45-60K Technical Specialist $55-75K $60-70K Senior Client Services Advisor $55-85K $55-65K Team Leader $65-85K $75-95K Manager $75K + $90-130K Unit Pricing SYDNEY MELBOURNE 1-3 years experience $60-65K $60-65K 3-5 years experience $65-75K $65-80K Banking & Financial Services Funds Management Team Leader $70-80K $70-85K Manager $75-100K $75-100K Senior Manager $90-120K $95-120K Securities Pricing SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-70K $60-70K Team Leader $70-85K $70-85K Manager $80-100K $80-100K Senior Manager $95-115K $95-115K Unit Registry SYDNEY MELBOURNE 1-3 years experience $50-60K $45-55K 3-5 years experience $60-70K $55-65K Team Leader $70-85K $65-80K Manager $80-100K $80-100K Senior Manager $95-115K $95-120K 29

30 Banking & Financial Services Risk & Compliance Credit Risk SYDNEY MELBOURNE 1-3 years experience $60-85K $60-90K 3-5 years experience $80-100K $75-100K Team Leader $95-120K $95-120K Manager $ K $ K Senior Manager $ K $ K Market Risk SYDNEY MELBOURNE 1-3 years experience $75-85K $60-80K Banking & Financial Services Risk & Compliance 3-5 years experience $80-125K $75-100K Team Leader $95-135K $95-120K Manager $ K $ K Senior Manager $ K $ K Operational Risk SYDNEY MELBOURNE 1-3 years experience $60-85K $60-80K 3-5 years experience $80-100K $75-100K Team Leader $95-120K $95-120K Manager $ K $ K Senior Manager $ K $ K 30

31 Banking & Financial Services Risk & Compliance Liquidity ALM SYDNEY MELBOURNE 1-3 years experience $75-85K $70-80K 3-5 years experience $80-125K $75-100K Team Leader $95-135K $95-130K Manager $ K $ K Senior Manager $ K $ K Risk & Compliance SYDNEY MELBOURNE 1-3 years experience $60-85K $60-75K 3-5 years experience $80-100K $70-90K Banking & Financial Services Funds Risk & Management Compliance Team Leader $95-120K $85-100K Manager $ K $ K Senior Manager $ K $ K 31

32 Banking & Financial Services Banking Derivative Documentation SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-75K $60-75K Team Leader $75-85K $75-85K Manager $85-105K $85-100K Senior Manager $ K $ K Middle Office/Trade Support SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-85K $60-80K Banking & Financial Services Funds Banking Management Team Leader $80-100K $80-100K Manager $95-200K $90-120K Senior Manager $ K $ K Payments SYDNEY MELBOURNE 1-3 years experience $45-55K $45-55K 3-5 years experience $50-65K $50-65K Team Leader $60-80K $60-80K Manager $75-95K $75-90K Senior Manager $90-120K $85-120K Reconciliations SYDNEY MELBOURNE 1-3 years experience $45-55K $45-55K 3-5 years experience $55-70K $55-70K Team Leader $70-90K $70-90K Manager $85-110K $85-110K Senior Manager $ K $95-130K 32

33 Banking & Financial Services Banking Corporate Actions SYDNEY MELBOURNE 1-3 years experience $50-65K $50-65K 3-5 years experience $60-75K $60-75K Team Leader $70-90K $70-90K Manager $85-110K $85-110K Senior Manager $ K $ K Futures Clearing SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-75K $60-75K Banking & Financial Services Funds Banking Management Team Leader $75-90K $75-90K Manager $85-110K $85-110K Senior Manager $ K $ K Equity Settlements SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-75K $60-75K Team Leader $75-90K $75-90K Manager $85-110K $85-110K Senior Manager $ K $ K FX Settlements SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-75K $60-75K Team Leader $75-90K $75-90K Manager $85-110K $85-110K Senior Manager $ K $ K 33

34 Banking & Financial Services Banking Derivative Settlements SYDNEY MELBOURNE 1-3 years experience $50-65K $50-65K 3-5 years experience $60-80K $60-75K Team Leader $75-95K $75-90K Manager $90-120K $90-115K Senior Manager $ K $ K Banking & Financial Services Banking Fixed Income Settlements SYDNEY MELBOURNE 1-3 years experience $50-60K $50-60K 3-5 years experience $60-75K $60-75K Team Leader $75-90K $75-90K Manager $85-110K $85-110K Senior Manager $ K $ K 34

35 Banking & Financial Services Wealth Management Financial Planning SYDNEY MELBOURNE Financial Advisor/Planner (<1 year experience) $55-65K + Bonus $45-65K + Bonus Financial Planner (1-3 years experience) $60-90K + Bonus $55-85K + Bonus Manager $80-120K + Bonus $80-120K + Bonus Financial Planner HNW Clients $80-140K + Bonus $90-130K + Bonus Paraplanning SYDNEY MELBOURNE Paraplanner (<1 year experience) $50-60K $45-60K Paraplanner (>1 year experience) $60-80K $60-80K Manager $70-115K $70-105K Banking & Financial Services Wealth Management Financial Planning Administration SYDNEY MELBOURNE Financial Planning Administrator (<1 year experience) $40-45K $40-45K Financial Planning Administrator (>1 year experience) $45-60K $45-65K Private Banking SYDNEY MELBOURNE Private Banker (<1 year experience) $55-75K + Bonus $55-75K + Bonus Senior (>1 year experience) $70-100K + Bonus $70-100K + Bonus Director/Manager $100K + Bonus $100K + Bonus Credit Analysis $60-70K $60-70K Business Development/Relationship Management SYDNEY MELBOURNE Business Development Manager (<2 years experience) $60-80K + Bonus $65-80K + Bonus Business Development Manager (>2 years experience) $80-150K + Bonus $80-140K + Bonus Account Manager (<2 years experience) $50-75K + Bonus $70-100K + Bonus Senior Account Manager $70-100K + Bonus $ K + Bonus Business Development Associate/Officer $45-65K $65-85K Advisor/Client Services $45-65K $45-60K 35

36 Banking & Financial Services Business Banking Settlements SYDNEY Up to 1 year experience $40-45K 1-3 years experience $45-55K 3-5 years experience $55-65K Team Leader $65-75K Manager $85-90K Senior Manager $95-120K Sales Support SYDNEY Banking & Financial Services Business Banking Up to 1 year experience $45-50K 1-3 years experience $50-55K 3-5 years experience $55-65K Team Leader Manager $70-80K $75-90K Collections Up to 1 year experience SYDNEY $40-45K 1-3 years experience $50-60K 3-5 years experience $60-65K Team Leader Manager $65-75K $75-90K Senior Manager $100K + Credit/Lending Analyst Up to 1 year experience SYDNEY $50-55K 1-3 years experience $55-75K 3-5 years experience $70-95K Team Leader Manager $85-110K $95-130K Senior Manager $130K + 36

37 Banking & Financial Services Business Banking Assistant Relationship Manager SYDNEY Up to 1 year experience $55-60K 1-3 years experience $60-80K 3-5 years experience $75-95K Team Leader $85-110K Manager $ K Senior Manager $130K + Relationship Manager SYDNEY Banking & Financial Services Business Banking Up to 1 year experience $65-75K 1-3 years experience $75-90K 3-5 years experience $90-110K Team Leader Manager $ K $ K Senior Manager $150K + Business Development Manager Up to 1 year experience SYDNEY $75-95K 1-3 years experience $90-140K 3-5 years experience $ K Manager $ K Senior Manager $140K + Area Manager Up to 1 year experience SYDNEY $ K 1-3 years experience $ K 3-5 years experience $150K + Regional Manager Up to 1 year experience SYDNEY $ K 1-3 years experience $ K 3-5 years experience $160K + 37

38 Banking & Financial Services Business Banking State Manager SYDNEY Up to 1 year experience $200K 1-3 years experience $ K 3-5 years experience $250K Asset Finance Settlements SYDNEY Up to 1 year experience $40-45K 1-3 years experience $45-55K 3-5 years experience $55-65K Team Leader $65-75K Manager $85-90K Senior Manager $95-120K Banking & Financial Services Business Banking / Asset Finance Sales Support Up to 1 year experience SYDNEY $45-50K 1-3 years experience $50-55K 3-5 years experience $55-65K Team Leader Manager $70-80K $75-90K Collections Up to 1 year experience SYDNEY $40-45K 1-3 years experience $50-60K 3-5 years experience $60-65K Team Leader Manager $65-75K $75-90K Senior Manager $100K + 38

39 Banking & Financial Services Asset Finance Credit/Lending Analyst SYDNEY Up to 1 year experience $50-60K 1-3 years experience $65-75K 3-5 years experience $80-100K Team Leader $90-115K Manager $ K Senior Manager $150K + Banking & Financial Services Asset Finance Relationship Manager Up to 1 year experience SYDNEY $65-75K 1-3 years experience $75-90K 3-5 years experience $90-110K Team Leader Manager $ K $ K Senior Manager $150K + Business Development Manager Up to 1 year experience SYDNEY $80-85K 1-3 years experience $90-100K 3-5 years experience $ K Manager $ K Senior Manager $160K + Area Manager Up to 1 year experience SYDNEY $ K 1-3 years experience $ K 3-5 years experience $150K + 39

40 Banking & Financial Services Asset Finance Regional Manager SYDNEY Up to 1 year experience $ K 1-3 years experience $ K 3-5 years experience $160K + State Manager SYDNEY Up to 1 year experience $160K 1-3 years experience $ K Banking & Financial Services Asset Finance 3-5 years experience $200K + 40

41 About Marks Sattin Finance Specialist ACCOUNTING BANKING & FINANCIAL SERVICES INSURANCE About Marks Sattin Established in 1988, Marks Sattin have grown to become a leading global specialist financial recruitment company. With offices in Sydney, Melbourne and Brisbane, we are able to provide recruitment solutions throughout Australia. We pride ourselves on delivering outstanding levels of service, combined with quality candidates, a fact that is supported by the number of customers who reuse us again and again. 98% 93% 95% of clients said they would use us again and recommend us of clients rated our service as better than our competitors of candidates rated our service as better than our competitors High quality Professional Market leaders Reputable What our customers say * Global Knowledgable Get results Award winning *Marks Sattin Post Placement Questionnaire

42 Contacts Contacts National offices: Sydney P: E: sydney@markssattin.com Melbourne P: E: melbourne@markssattin.com Brisbane P: E: brisbane@markssattin.com International offices: Dublin P: E: dublin@markssattin.com Leeds P: +44 (0) E: leeds@markssattin.com London P: +44 (0) E: london@markssattin.com Manchester P: +44 (0) E: manchester@markssattin.com Moscow P: +7 (495) E: info@antalrussia.com Reading P: +44 (0) E: reading@markssattin.com Sao Paulo P: E: brazil@markssattin.com Singapore P: E: singapore@markssattin.com Disclaimer This research was carried out by means of an electronic questionnaire. The remuneration tables are supplemented with data and market information that Marks Sattin has access to. The results are provided as generic market information only. Marks Sattin does not make any warranties regarding the use, validity, accuracy or reliability of the results and information obtained. Marks Sattin will not be liable for any damages of any kind arising out of or relating to use of this information. Australia s Favourite Specialist Recruiter - Medium (SARA Awards 2011) 42

43 Australian Salary Guide & Market Report Sydney Melbourne Brisbane Australia s Favourite Specialist Recruiter 2011/ Medium SARA Awards